Common capital allowances misconceptions

Do not lose out on valuable cash savings for your business

• Are you concerned you are out of time? If you still own the asset in respect of which you are claiming, the UK capital allowances scheme is designed in such a way that you can introduce the claim in your tax return for any future period, or by amending a recent tax return that is still available for amendment. A claim can sometimes take the form of a tax credit or refund if the business is loss making.
• Are you deterred by a lack of cost information? You do not need to refrain from claiming capital allowances because you no longer have access to detailed cost information relating to the asset. With our quantification and costing skills, we can price up the relevant assets in order to identify the items and expenditure qualifying for tax relief.
• Are you worried about the complex rules? We can apply our experience and knowledge of the legislation, relevant case laws and HMRC guidelines to identify allowances for you. Most accountants and tax compliance advisors will typically have the knowledge to assist in making capital allowances tax relief claim on easy to identify business equipment such as IT kit, furniture, machines etc. For capital expenditure on less obvious qualifying assets such as those relating to buildings or large-scale industrial / engineering plants, the skills and services of a specialist capital allowances advisor like us would typically be required in order to maximise the tax relief benefit.